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Fort Collins Real Estate Blog

Northern Colorado and Beyond

By Jared Reimer | Managing Broker in Fort Collins, CO
  • Living in Fort Collins Can't Be Beat

    Posted Under: Quality of Life in Fort Collins  |  April 17, 2014 8:30 AM  |  148 views  |  No comments

    For us locals, we already know why living in Fort Collins just can't be beat. The sunshine, the beer, the food, and the fun make this a great place to be.  And we're starting to get plenty of national recognition too.

    In the past week, Fort Collins has seen several new accolades, accomplishments and all around pat-on-the-backs from varying organizations who praise the greatness of Fort Collins

    #3 Most Content Workers - Fort Collins/Loveland - USA Today

    Based on a variety of parameters, USA today found that Fort Collins has some of the most content workers nationally.  This is mostly due to our highly educated work force (45% of adults 25 years and older have a bachelors degree) and a high degree of challenging and intriguing work.  According to the article, 90% of Fort Collins respondents were satisfied with their jobs.

    Most Satisfied City - Fort Collins - Time Magazine

    In a Gallup poll, and insane amount of residents of Fort Collins, 94.9%, said that they were satisfied with their city.  That is about as good as you can get.  No other city posted higher results for resident satisfaction and overall contentment.  I think those numbers speak for themselves.

    #2 Best Cycling Towns - Fort Collins - USA Today Travelmtn biking

    If you're a resident, you know that cycling is pretty dominant in Fort Collins.  From casual bike-to-work riders, to the 'spandex armies' you see pumping up and down the streets, you can't beat cycling in Fort Collins.  With over 310 miles of paths and bike lanes along with countless mountain trails, all you need is two wheels and a little energy to enjoy the amazing views and abundant sunshine.

    #3 Most Exciting City - Fort Collins - MSN

    There's an energy in Northern Colorado that begins in the heart of Fort Collins.  Our people are innovative, collaborative, progressive, passionate and energetic.  From festivals to night life, beer culture to CSU - we've got a lot to be excited about in Fort Collins.

    Please visit our 'Why Live in Fort Collins' page for more information on what makes this place so great.  If you're thinking Fort Collins might be a nice spot to work, raise a family and retire, you'd be right on all three counts.  You just can't beat living in Fort Collins.  Our only question is, "How soon can you get here"?  If you'd like real estate or relocation information, please contact us and we'll be happy to answer all your questions.  We love living in Fort Collins and we think you will too.

    NoCo RecreationAscent Real Estate Professionals are committed to bringing you useful information, timely advice and expert service whenever you need it.  Whether it’s Fort Collins, Loveland, Windsor, Greeley or anywhere in between, we’ve got Northern Colorado covered.  Feel free to contact Ascent or subscribe to our newsletters and market reports.  Any questions or inquiries you might have will be responded to in a timely manner.

     

  • Home Selling Mistakes

    Posted Under: Home Selling in Fort Collins  |  February 6, 2014 10:17 AM  |  197 views  |  No comments

    Active Rain, an online real estate information community, recently polled 1000 agents nationwide trying to discover the biggest home selling mistakes.  Now, there are a variety of issues that can cause a home not to sell but when it really comes down to it, there are just a few major home selling mistakes to avoid.

    How to Avoid These 6 Home Selling Mistakes

    1.  Showing Availability

    As a seller, you need to make your home as available as possible when your home is active on the market.  Restricting access to your home for any reason could limit potential buyers from even seeing your property.  Be prepared to make your home available from 8 a.m. to 8 p.m.  Be prepared to show your home on a weekend or even a holiday.  The more available you make your home, the better the likelihood you'll find a buyer early on, and then the showings will stop.

    2. Overpriced Home

    Sellers often try to overprice their home, just to see it linger on the market for months and months when in reality, if they had priced it near market value, they would see more buyers, receive more offers, and potentially create a bidding war.  You don't want to overprice your home and hope for nibbles.  In this market, there are buyers and demand is high - we're seeing sale/list ratios in the 98-99% range, meaning - if priced reasonably, you won't need to budge much.  Take the advice from your real estate professional and understand their valuation to make the best decision when pricing.

    3. Cluttered Space

    One of the first things you should do when considering marketing your property is declutter.  Rent an affordable storage unit (you'll have to pack it all up and move it anyways) to keep clutter safe and out of the home.  An un-cluttered home shows how spacious and accommodating your home is to potential buyers.  Take your decluttering a step further and enlist the services of a professional stager to help arrange and remove furniture to help with flow and space considerations.

    4. Unwilling to Negotiate

    Unless your home is priced to sell "as is", you need to be prepared to negotiate.  Your best defense in defending your pricing position is a quality comparative market analysis prepared by your Realtor.  Obviously, you will not have to negotiate with low-ball offers, however, when a reasonable offer comes in, it does pay to negotiate.  Unwillingness to negotiate will keep your home on the market much longer than necessary.  Once homes are on the market beyond the average days on market, buyers may grow concerned that there is something physically wrong with the home and begin avoiding it.

    5. Unpleasant Odors

    steve

    Stink happens.  Whether you're a smoker, have pets, do a lot of cooking, or just have some smelly kids - you're likely to have some unpleasant odors.  Many times, odor lives in the plush fabrics of carpet and furniture.  If you receive feedback of an unpleasant odor, take action.  Get the carpet shampooed or the furniture freshened.  In many cases, a fresh coat of paint throughout the home will help eliminate odors.  If all else fails, there are odor eliminating air purifiers on the market that can ionize odors and help reduce the smell.  It might make sense to clean your air vents, some odors live in the dust and debris stuck in the vents.  By all means, never overdo the air fresheners, candles and sprays - they can often do more harm than good, leaving buyers to suspect, "what are they trying to cover up?"

    6. Won't Make Repairs

    This also falls along the lines of unwillingness to negotiate.  Every home has some minor repairs that may need to be done prior to closing to help the buyer feel at ease that the home they are taking over is in reasonable condition.  In any home there is between $200 and $1000 in repairs that could generally be done at any time - whether it's fixing appliances, tackling roof issues, or just general maintenance, don't let small repairs get in the way of an eventual sale.  Keep in mind, these repairs are negotiable - there is no need to bend over backwards for every objection.

    The NoCo New Home Team is committed to bringing you useful information, timely advice and expert service whenever you need it.  Whether it’s Fort Collins, Loveland, Windsor, Greeley or anywhere in between, we’ve got Northern Colorado covered.  Feel free to contact the NoCo New Home Team or subscribe to our newsletters and market reports.  We're always taking and responding to your questions and inquires at info@NoCoNewHomes.com

    Data provided by ActiveRain.com.

  • Northern Colorado Home Sales - Best Month on Record

    Posted Under: Market Conditions in Fort Collins, Home Buying in Fort Collins, Home Selling in Fort Collins  |  August 18, 2013 8:09 AM  |  347 views  |  No comments

    Northern Colorado home sales in July were the best month on record with 1,208 homes sold at an average price of $261,779 for a total volume of $316 million, a 37.9% increase over last year. The year to date volume of $1.6 billion is an amazing 29.2% increase over the same period last year and again, the highest on record. The Loveland and south Larimer County area is leading with a 26.4% increase in the number of homes sold while Greeley and Weld County have recorded the highest price increase at 12.2% and the Fort Collins and northern Larimer County have the highest average selling price at $273,663.

    table pic
    About the only negative is that there were just 130 new homes sold in July accounting for 7.6% of total sales and total new home construction sales are 945 for the year to date or 14.8% of total sales. This compares to the peak of new home construction way back in 2002 when new home sales accounted for 30.5% of the 1,121 homes sold in July and were 33% of the total home sales for the year to date. It is pure speculation to think about where the market would be if we had one thousand more new homes to sell but with the low inventory and high demand it is certainly possible that this rate of construction could be absorbed without too much difficulty.

    OLYMPUS DIGITAL CAMERAThere are currently 4,002 active listings but 1,525 are under contract and 464 are shown as new homes under construction or to be built. This leaves a net of 2,013 active listings and with a demand of around 900 homes per month we are left with a slim two month supply compared to a normal market which is a six to seven month supply. This is evident in the ‘days to offer’ which for resale homes is at 48 days for the year to date. This is the lowest figure on record and compares to an average over the last few years of 81 days and the previous low, again way back to 2002, when homes were on the market an average of 56 days prior to going under contract.

    We expect the higher prices will bring more resale homes to the market and builders are certainly trying to ramp up construction which will provide more new homes in the coming months. Couple this with the recent increase in mortgage rates and the fact that demand slows as school starts and we should expect a better balance between supply and demand over the next few months.

    The NoCo New Home Team is committed to bringing you useful information, timely advice and expert service whenever you need it.  Whether it’s Fort Collins, Loveland, Windsor, Greeley or anywhere in between, we’ve got Northern Colorado covered.  Feel free to contact the NoCo New Home Team or subscribe to our newsletters and market reports.  We're always taking and responding to your questions and inquires at info@NoCoNewHomes.com

  • Generation Y Real Estate Trends

    Posted Under: Market Conditions in Fort Collins, Home Buying in Fort Collins, Home Ownership in Fort Collins  |  August 13, 2013 8:30 AM  |  398 views  |  No comments

    Believe it or not, an entire generation of homeowners is just around the corner.  According to USA Today, Generation Y or "Millennials" comprise the nations largest demographic - over 90 million - much larger than even the Baby Boomers.  Gen Y consists of Americans born between 1982 and 2001.  Not to make you feel any older, but the oldest of the Generation Y constituents are now in their early 30's and are wanting to buy homes - lots of them.  Just like 'the me generation' of the 1980's differed from their conservative parents, Generation Y real estate trends are also diverting from the tried and true 'norm' of the past couple decades.

    Who Are the "Gen-Y's"

    • They are highly educated, inquisitive and curious.  They understand the real estate industry and tend to research more.
    • By 2017, Gen Y will represent 44% of home buyers.
    • They tend to be hip, stylish and social.
    • They value homeownership as an investment.
    • They tend to be frugal, having come out of school into a deep recession.
    • They aren't impressed by traditional luxury.

    What Are They Up Against?

    • Years of being underpaid or underemployed due to the struggling economy has made it difficult to save for a down payment.
    • Student loan debt is eating away at their savings capacity and debt to income ratios for loan qualification.
    • Low housing inventory has kept many on the fence, waiting for the right time to buy.

    What Turns Them Off?

    • Energy Inefficient and wasteful homes
    • Large Unusable spaces such as formal living and dining rooms
    • Suburbs, McMansions and massive homes

    What Do Gen-Y's Want to See?

    home theater

    •   Smaller homes with flexible floor plans utilizing every square foot
    •   Larger kitchens in lieu of formal dining rooms
    •   Home offices in liew of formal living rooms
    •   Technology
    •   Energy Efficient Homes
    •   Urban, dense communities

    Are you you a millennial?  What do you look for in a home and which 'norms' could you do without?  It'll be interesting to see where Generation Y real estate trends will go - we'll have to wait and see how powerful the millennials become.

    The NoCo New Home Team is committed to bringing you useful information, timely advice and expert service whenever you need it.  Whether it’s Fort Collins, Loveland, Windsor, Greeley or anywhere in between, we’ve got Northern Colorado covered.  Feel free to contact the NoCo New Home Team or subscribe to our newsletters and market reports.  We're always taking and responding to your questions and inquires at info@NoCoNewHomes.com

  • Northern Colorado Home Sales Strong, But Slowing

    Posted Under: General Area in Fort Collins, Market Conditions in Fort Collins, Home Buying in Fort Collins  |  July 17, 2013 3:44 PM  |  381 views  |  No comments

    Home sales in Northern Colorado have been on a record setting pace but slowed in June with 1,091 sales this year compared to 1,016 in June of last year. This increase of 7.4% is way off the pace of the first five months when the increase was 20.7%. The year to date sales still show a strong 17.6% gain but the lack of inventory and the higher mortgage interest rates are having an effect.

    The following table shows the breakdown by area. Loveland figures include Loveland, Berthoud and all of southern Larimer County. The Fort Collins area is from CR 30 north to the Wyoming border and the City of Fort Collins accounts for about 85% of these sales. The Greeley / Weld figures are for all of Weld County including Windsor.

    The 5,147 homes sold this year include 4,339 resale homes which is the most on record for this six month period. The previous high was way back in 2004 when 3,933 resale homes were sold. New construction is improving but still has a long way to go. Ten years ago, new home construction accounted for 30% of the market compared to 16% currently.

    Pic
    Selling prices remain strong as the average selling price is up 7.6% to $251,062 and seems destined to keep going up. There are currently 3,996 homes on the market but if we deduct the homes under contract and new homes listed as ‘to be built’ we have a net inventory of 2,171 homes. With a demand that could exceed 5,000 homes over the next six months, the supply is equivalent to just 2.6 months of sales when a balanced market is considered to be a six month supply.

    The higher selling prices should bring more sellers to the market and builders seem to be ramping up construction so the supply should increase. On the other hand, higher prices and higher interest rates could slow demand so maybe we will find a balance over the next few months. It will be interesting to see which direction home sales in Northern Colorado will go.

    The NoCo New Home Team is committed to bringing you useful information, timely advice and expert service whenever you need it.  Whether it’s Fort Collins, Loveland, Windsor, Greeley or anywhere in between, we’ve got Northern Colorado covered.  Feel free to contact the NoCo New Home Team or subscribe to our newsletters and market reports.  We're always taking and responding to your questions and inquires at info@NoCoNewHomes.com

  • NoCo Real Estate Market Update

    Posted Under: Market Conditions in Fort Collins  |  May 29, 2013 10:48 AM  |  246 views  |  No comments

    Northern Colorado residential home sales for the first four months of the year are on a roll with a 21.5% increase over the same period of 2012. The 2,911 homes sold this year are the best start to a year since 2005 when there were 3,007 closed sales in the first four months. It is interesting that this large increase in sold homes has been accomplished without a corresponding large increase in the average selling price. The 6.8% increase to $246,040 is a reasonable, sustainable figure and given the low mortgage interest rates, home affordability remains at an all time high.  Needless to say the NoCo real estate market is off to a great start in 2013

    The total volume of $716M for the first four months is an all-time record and ahead of last year by 30%.

    New home construction totaled 497 homes and accounted for 17.1% of the total sales for this period which is a welcome improvement. The share of new construction bottomed out in 2010 with 226 homes sold during the first four months, just 9.5% of total sales. The 120% increase in just three years is significant but we have a long way to go. Ten years ago, new home sales accounted for one third of all sales and reached a peak in 2002 with 1,081 homes sold in the first four months for 35.1% of the total market.

    The inventory of homes for sale is very low. In total there are 3,537 homes on the market but 1,558 are under contract leaving just 1,979 net active listings. With an expected demand over the next six months of 6,000 homes the active listings represent about a two month supply when six months is considered a balanced market. This will no doubt put extra pressure on selling prices which can do nothing but increase in the foreseeable future.  Looking forward, we see nothing stopping the growth and expansion of the Northern Colorado real estate market.

    If you are considering buying or selling in this market, we encourage you to call us. It is important to have experienced representation to compete in this market.  We are always available for you.

    The NoCo New Home Team is committed to bringing you useful information, timely advice and expert service whenever you need it.  Whether it’s Fort Collins, Loveland, Windsor, Greeley or anywhere in between, we’ve got Northern Colorado covered.  Feel free to contact the NoCo New Home Team or subscribe to our newsletters and market reports.  We're always taking and responding to your questions and inquires at info@NoCoNewHomes.com
  • 3 Mistake Sellers Make in a Hot Market

    Posted Under: Market Conditions in Fort Collins, Home Selling in Fort Collins, How To... in Fort Collins  |  February 20, 2013 10:07 AM  |  333 views  |  No comments

    With the market and temperatures heating up moving into the spring months, chances are there will be even more activity and tight competition in the real estate market.  Even in a highly competitive sellers market there are some major issues that can keep your home from selling.  Read on to understand how you can avoid these pitfalls:


    1)  Over-Pricing and Being Reactive

    Let's face it, when there is more demand, prices will go up.  The only problem is these prices don't just go up over night.  It takes months and usually years to see major price increases in a given area (if the market isn't artificially inflated of course).  So assuming just because your neighbor sold his house for full asking price means that you can add a few percent on yours, won't pan out.  Be realistic and review the comparables when setting list price.  Also, if you get feedback from showings saying the home is great, but over priced, take that as a sign to adjust accordingly.  Lack of showings might not mean it's overpriced, but a price reduction resets the listing in all agent and buyer saved searches, and gets more people interested in seeing your home.


    2)  Being Arrogant and Stubborn

    Of course your home is the best on the block, and of course you've kept it beautiful, clean and pristine.  Most sellers have an emotional attachment to their home, whether it's a sentimental attachment or perhaps an attachment based on all the work you've done over the years.  My advice is to break that attachment and view it as just another house - have a Realtor's outside opinion on condition and value.  You can't be over confident in this market because you'll only be setting your expectations higher than where they should be.  Here are some common over-confident and arrogant assumptions to avoid:

    • Assuming that any buyer is lucky to have your house.
    • Assuming you can charge a premium because your home is so much better than the entire neighborhood.
    • Assuming multiple offers are coming your way.

    3)  Accepting The Wrong Offer

    There are two separate problems you will face when accepting offers, what to accept, and when to accept.


    Accepting Any Offer:  A buyer comes to see your house and automatically offers 3% above asking price.  You've got other offers but they don't compare to this one.  You accept it.  Three weeks later when your home appraises around your original list price (not the 3% inflated offer), the buyer refuses to go forward unless you drop the purchase price to match the appraised value.  Some buyers and scheming Realtors will do this in order to get an offer accepted over others, knowing it won't appraise.  This is where carefully knowing your comparables comes in.

    Accepting the First Offer:  If you're very well priced, you should receive a large amount of showings within the first week.  If you have a slate full of showings and great feedback, only then can you expect to have multiple offers.  If that is the case, don't just accept the first offer.  Have your Realtor follow up with all buyers that have shown interest and understand how many other offers may be coming in.  At that point, you'll have the opportunity to get buyers to compete with their highest and best offer.  Having multiple offers allows you to pick the best terms, conditions and most qualified buyers, not just the best price.  

    It's always good to understand where you can go wrong even when the market is tilted in your favor.  Avoiding these mistakes will help you keep your cool during this hot market.

    Jared Reimer is a real estate expert at Prudential Rocky Mountain Realtors in Northern Colorado.  Real estate is his passion and he always wants to connect with like-minded and savvy real estate fans.  For more information or to get in touch with Jared, please visit his website at www.ReimerRE.com or email him at JaredReimer@ReimerRE.com

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